Precision Agriculture Market Size, Insights by Application (Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking & Forecasting, Irrigation, Inventory, Farm Labor)

Precision agriculture market size was estimated at $6,457 million in 2020 and is anticipated to increase to $23,056 million by 2030, rising at a CAGR of 13.4% between 2020 and 2030. The major investment pockets, top winning strategies, drivers and opportunities, market size and estimations, the competitive environment, and fluctuating market trends are all in-depth analyzed in the report.

The proliferation of smartphones, the usage of cloud computing, and the increasing population around the world all contribute to the expansion of the global precision agriculture industry. However, the lack of knowledge about precision agriculture goods and the substantial investment needed for the necessary equipment limit growth to some extent. High-end technological developments, however, are anticipated to generate profitable business prospects.

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According to market trends for precision agriculture by component, the hardware market segment dominated the overall precision agriculture industry in 2020 and is anticipated to continue dominating during the forecast period. This is because more developing nations are adopting hardware, which ensures the precision agriculture industry's efficient operation.

The service sector, however, is anticipated to increase at the fastest rate in the following years. This is due to current farming techniques increasingly utilising precision agriculture software. This boosts the demand for several services, including managed services and system integration. The majority of nations have begun implementing these services to coordinate all agricultural and farming equipment. This includes field mapping, yield monitoring, and weather forecasting, all of which increase farming productivity overall and fuel the expansion of the precision agriculture sector.

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As predicted by the market for precision agriculture According to estimates, the global market for precision agriculture will increase from $7,427.00 million in 2021 to $23,056.00 million in 2030, at a CAGR of 13.4%. Due to the worldwide lockdown and increased use of technology in agriculture, an increase in patients in developing nations has resulted in a large rise in the adoption of precision agriculture software. Additionally, the COVID-19 pandemic is anticipated to cause a little decline in the precision farming industry in 2020 as a result of movement restrictions and lockdowns that have disrupted the supply chain and caused a lack of equipment.

The key market players analyzed in the global precision agriculture market report include Trimble Navigation Limited, Deere & Company, Monsanto Company, and AGCO Corporation. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.

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However, during the post-COVID-19 period, greater adoption may result through the usage of remote sensing and farm management software applications. The precision farming market's supply chain has been disrupted by COVID-19, and businesses are looking at new ways to engage with farmers and growers by utilising technology. In order to provide real-time decision making for yield monitoring, crop health monitoring, field mapping, irrigation scheduling, and harvesting management, businesses have started concentrating more on wireless platforms. It is anticipated that the number of IoT device installs in farms will increase at a compound annual growth rate of 14%.

Furthermore, COVID-19 is anticipated to hasten the deployment of IoT devices in agricultural farms around the globe in order to enhance irrigation scheduling while lowering field labour needs.

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